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Regarding Assessement Year 2008-09

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 January 2011 Dear Experts,

We are Partnership Firm, FY 2007-08 our profit before tax was Rs. 96,87,550/- we have calculate Tax @ 30% and Education Cess @ 3%. Recently our Assessement has been done by the department under section 143(3) of IT Act 1961. We have beed charged Surcharge @ 10%.
I want to know are we liable to pay surcharge i mean in AY 2008-09 surcharge applicable on firms whose income is less than one Croer.

If not what we have to do now.


regards,
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
17 January 2011 Surcharge is payable @10 % on income tax if the taxable income exceeds1 Crore vide paragraph C of Part 1/111 of first schedule of the Finance Act,2008.

Pl file rectification petition u/s 154 citing the above.
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